Piper Jaffray Reiterates Overweight Rating on Euronet Worldwide

According to Piper Jaffray, Euronet Worldwide

Overweight rating is reiterated. Piper Jaffray said that EEFT announced its acquisition of Smart PayNetwork SA (PayNet), which provides integrated ATM, card issuing/acquiring and POS merchant services to financial institutions in Romania. “$22 price target (8.5x 2012E EBITDA of $153M; assumes $1.3B enterprise value, $142M net debt and 52M diluted shares outstanding).” Euronet Worldwide closed yesterday at $17.88.